KLCI pares gains, stays above 1,600 level as select blue chips lift

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KUALA LUMPUR (May 17): The FBM KLCI pared some of its gains but remained above the crucial 1,600-point level, lifted by select index-linked blue chips.

At 12.30pm, the FBM KLCI was up 10.37 points to 1,609.56. The index had earlier risen to a high of 1,610.96.

Gainers led losers by 268 to 223, while 480 counters traded unchanged. Volume was 1.02 billion shares valued at RM553.19 million.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Public Bank Bhd, Pharmaniaga Bhd, Hong Leong Industries Bhd, Westports Holdings Bhd, Lingkaran Trans Kota Holdings Bhd and AMMB Holdings Bhd.

The actives included Lambo Group Bhd, Impiana Hotels Bhd, Focus Dynamics Group Bhd, AirAsia X Bhd, Sapura Energy Bhd, Vortex Consolidated Bhd and Ekovest Bhd.

The decliners included Panasonic Manufacturing Malaysia Bhd, Amway (M) Holdings Bhd, Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd, Berjaya Media Bhd, Scicom (MSC) Bhd and Lion Forest Industries Bhd.

Asian shares were struggling to end a bleak week in the black on Friday as upbeat US economic news and solid company earnings offered only a fleeting respite from the interminable Sino-US trade dispute, according to Reuters.

Shanghai stocks slipped amid the fallout from US President Donald Trump's move to block China's Huawei Technologies from buying vital American technology, it said.

Affin Hwang Capital Research said the FBM KLCI Index turned lower in yesterday's trading session, shedding 12.24 points or 0.76%. The index closed at 1,599.19.

"The index failed to sustain buying momentum as the index once again turned lower and is now just below the 1,600 key psychological level.

"Prices faced rejection at the 1,615 level which acted as an immediate support zone previously, now affirmed as a resistance area.

"Anticipate the FBM KLCI Index to continue drifting lower amidst souring sentiments," it said.